Ravi Adusumalli, managing partner at SAIF Partners, has left the board of Just Dial Ltd after the venture capital firm sold part of its stake in the local search engine.
Adusumalli ceased to be a non-executive director at Just Dial on May 27, the company said in a stock market disclosure.
Just Dial founder VSS Mani and Adusumalli could not be reached for comment on a possible replacement till the time of writing this article.
SAIF Partners had part-exited the company by selling a significant chunk of its stake in the January-March quarter.
Multi-stage private investment firm SAIF Partners was the first large institutional investor to back Just Dial way back in 2006. It first invested Rs 55 crore in Just Dial. It invested more later, along with Tiger Global and Sequoia Capital, and also picked up some shares of an existing shareholder.
It had sold some shares when Just Dial went public in mid-2013 and a year later sold more shares after the company’s share price rocketed.
Recently, Sequoia Capital also reduced its exposure in the company by selling a chunk of its stake in the company in its third part-exit. It earlier sold some shares during Just Dial’s IPO and then offloaded some stake in late 2014.
Founded by Mani in 1994, Just Dial is a local search firm that provides both B2C and B2B listings of small and medium businesses across the country, and provides services across multiple platforms, including the internet, phone, wireless and print.
The company recorded a consolidated net profit of Rs 141.85 crore for the year through March 2016 compared with Rs 138.84 crore the previous year. Its revenue increased to Rs 690.83 crore from Rs 589.80 crore.
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